Trump warns U.S. carmakers not to take advantage of tariffs by hiking prices on consumers

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5. The whole point of tariffs is to raise prices to "protect" domestic manufacturers

Trouble competing on price (like steel)? Ask for tariffs so you can keep selling expensive steel to domestic manufacturers.

Can't compete on price or quality (like auto)? Ask for tariffs so you can keep making mediocre cars at high prices.

Your whole supply chain goes up in price because of various tariffs? You could barely turn a profit using higher value foreign made goods, good luck turning a profit with lower value (either worse quality or worse price) domestic parts.

Tariffs are a scam. Cleveland Cliffs praised steel tariffs a month ago and laid off a bunch of steelworkers this week, due to lower forecast auto demand. What a surprise. This is something any economist or, let's be honest, undergrad econ student, would have told you was going to happen. It's not a secret that there are gains from trade. We've been able to explain how for 200 years. The steel tariffs in the fist trump admin caused job losses. And the massive tariffs now, only partially implemented and only for a couple of weeks so far, have already cost jobs and economic prosperity. Much more pain to come.